Exhibit 99.1

 

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For immediate release:

 

Media Contact: Investor Contact:
Matt Schuler Matt Lougee
mschuler@ddr.com mlougee@ddr.com
216.755.5500 216.755.5500

DDR REPORTS OPERATING FFO PER DILUTED SHARE OF $1.16

FOR THE YEAR ENDED DECEMBER 31, 2014

BEACHWOOD, OHIO, February 11, 2015

– DDR Corp. (NYSE: DDR) today announced operating results for the fourth quarter and year ended December 31, 2014.

Significant Fourth Quarter Activity

 

    Generated Operating FFO of $0.31 per diluted share, a 6.9% increase from the fourth quarter of 2013

 

    Executed 327 new leases and renewals for 1.8 million square feet

 

    Increased the U.S. portfolio leased rate by 10 basis points to 95.7% from 95.6% at September 30, 2014

 

    Generated new leasing spreads of 25.0% on a pro rata basis, and renewal leasing spreads of 7.2% on a pro rata basis

 

    Generated same store net operating income growth of 3.0% on a pro rata basis compared to the prior year

 

    Closed on a new unconsolidated joint venture with Blackstone that acquired a portfolio of 70 shopping centers with a total cost of $1.93 billion

 

    Acquired sole ownership of one power center, from an existing joint venture, for $15 million at DDR’s share

 

    Liquidated two joint ventures containing 23 assets

 

    Sold $591 million of assets; DDR’s pro rata gross proceeds were $258 million

 

    Issued $500 million, 3.625% senior unsecured notes due February 2025 in January 2015

2014 Year-end Highlights

 

    Generated Operating FFO of $1.16 per diluted share for the full year 2014, an increase of 4.5% compared to 2013

 

    Executed 1,411 new leases and renewals for 10.6 million square feet in 2014

 

    Increased the U.S. portfolio leased rate by 70 basis points from 95.0% at December 31, 2013

 

    Generated new leasing spreads for the full year 2014 of 22.2% on a pro rata basis, and renewal leasing spreads of 7.7% on a pro rata basis.

“We are pleased to announce another quarter of strong results and we remain confident that we are well-positioned and excited about the opportunity ahead,” commented David J. Oakes, president and chief executive officer of DDR.

Financial Highlights

 

    Fourth quarter operating funds from operations attributable to common shareholders (“Operating FFO”) increased $7.7 million to $112.2 million, or $0.31 per diluted share, compared to $104.5 million, or $0.29 per diluted share, for the prior-year comparable period.

 

    Operating FFO for the year ended December 31, 2014, increased to $420.4 million, or $1.16 per diluted share, compared to $366.7 million or $1.11 per diluted share, for the prior year.

 

    Fourth quarter net loss attributable to common shareholders was $16.3 million, or $0.05 per diluted share, which compares to net income of $0.6 million, or $0.00 per diluted share, for the prior-year comparable period.

 

    Net income attributable to common shareholders for the year ended December 31, 2014, was $91.3 million, or $0.25 per diluted share, which compares to net loss of $43.1 million or $0.14 per diluted share, for the prior year.


The following information was filed by Ddr Corp (DDR) on Thursday, February 12, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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